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Your customers trust you to help them with all their cable installation needs, whether at home or in their office space. From understanding which cables connect to different devices to knowing the best way to approach installation and everything in between, your customers know you're the right person for the job.
However, you could be the best cable installer in the county, and accidents can still happen. No matter how careful you are or how much experience you have, mistakes can still occur.
Don't leave your cable installation business (and all your hard work) up to chance. Investing in cable installer insurance can protect you and your business from some of the most significant risks you may encounter.
Here at Simply Business, we make it easy to get the coverage you need — and fast. Just give us 10 minutes, and we can show you policies that fit your business's needs.
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When it comes to cable installer insurance, there are a variety of policies that, when bundled together, can protect you from some of the biggest risks and liability you may face in this industry. When thinking about your cable installer business's insurance plan, we may recommend these three core plans as part of your overarching coverage:
As we mentioned above, your customers trust you for all their cable installation needs. That includes knowing which cables to use with different devices, how to wire a home for cable installation, and more.
But what if you inadvertently recommend the wrong cable for an installation?
That's where professional liability insurance (PL) can help you.
Professional liability insurance for cable installers can protect you and your business from various claims, if, say, a customer believes you were negligent in providing your services. Also, if you have a team of cable installers working for you, professional liability insurance can cover them as well.
What might PL insurance look like in action?
For example, imagine you're at a customer's house working on an installation. Later, you realize you choose the wrong cables while wiring up your customer's house, which causes issues with other utilities in the home and ultimately yields financial problems for your customer. What happens next?
In this case, your professional liability insurance may cover the cost of the damage and the financial burden your customer experienced. This type of coverage means a cable installer likely wouldn't need to tap into their savings or personal bank account to cover those costs, which is why it's so important.
In short, here's what professional liability coverage for cable installers can cover:
Keep in mind that PL insurance usually doesn't cover:
Do you have an office building or dedicated space where customers meet you? If you do, it's more than likely that you'll need commercial general liability (GL) insurance. This type of insurance can cover costs related to third-party accidents, property damage, and bodily injuries to a third party, like a customer or vendor).
GL insurance is considered a foundational policy because it can protect you from major claims and fines. With the average customer injury or damage claim being $30,000, having general liability insurance to protect you is a smart business move. Because without general liability insurance, you may have to cover those costs — with your own hard-earned money.
How does general liability insurance work in real life?
Let's say you're at a customer's house installing cable. While setting up a cable connection, you accidentally knock over their 75-inch TV, and it shatters. What happens next?
If you have general liability insurance, your policy can cover the cost of replacing the TV, as well as any legal fees if your customer sues you (up to policy limits).
To summarize, here's what general liability insurance typically can cover:
Now here's what general liability insurance usually doesn't cover:
You may be required to carry workers compensation insurance if you have full-time, part-time, or even temporary employees on your cable installation team. If an employee gets hurt or becomes ill while on the job, this type of insurance can cover the expenses related to those events.
The majority of states require business owners with employees to carry workers compensation in some capacity; check to verify your state's laws.
Holding a workers compensation policy can be essential to running a thriving cable installation business. The average work injury cost is $41,000, and in 2018 alone, there was $170.8 billion worth of claims. That can get expensive quickly for a small business owner.
It's essential to have workers compensation insurance as part of your overarching cable installer insurance plan, even if you have only a few employees.
For the most part, workers compensation for cable installers can cover:
You understand why customers insure their technology and devices — if something breaks, it can be costly!
But maybe you aren't sure if you need cable installer insurance right now. Or perhaps you're just getting started as a business owner, and adding another expense to your list can be daunting.
The truth is, the amount you pay for your cable installer insurance policy can be a fraction of what you could end up paying if there was an accident or you're taken to court. Business insurance can be essential to mitigating the liabilities you face, even if you're at the beginning of your career or have a small team.
You may reduce your liabilities and risks, but that doesn't mean they can't or won't happen. Below are some of the most common incidents that can happen to small business owners, including their average costs:
Those costs are nothing to overlook. However, if you protect your business with cable installer insurance, your plan could cover some or all of the costs of any claims or lawsuits you might be hit with.
Still not convinced? Did you know that 43% of small business owners claim they have either been threatened or involved in a civil lawsuit? In other words, you could do everything by the book, and your customer could still sue you for negligence or damages they've experienced since working with you.
Protect the business you worked so hard to build. Here at Simply Business, we make finding and securing the right insurance policies for your business simple. Answer a few quick questions about your business (so we can determine the right policies for you), and you can start comparing free quotes from the country's top providers.
Plus, we can provide you with a certificate of insurance (COI), so you can show proof of coverage to customers, vendors, and more.
Because business insurance can be a bundle of several policies, you may be required to carry some coverage, but not others.
For instance, perhaps your state requires you to carry workers compensation if you have employees, but not professional liability insurance.
In general, cable installer insurance premiums are income tax-deductible by the IRS. We recommend speaking to an accountant if you have questions about your business's deductible expenses.
The amount of coverage your business may need will depend on a few factors:
If you aren't sure how much insurance coverage you need, don't stress. Our quote form is built to compare different insurance policies and coverage amounts (when available).
If you have questions, our licensed insurance agents are available to assist you.
If you're ready to check out your free quotes, it's a good idea to have the following information ready to make the process as quick as possible:
It may, as your state may have different insurance requirements for cable installers than another state (especially when it comes to policies like workers compensation).
That's why our quote process is so helpful when shopping for an insurance plan. Our platform can narrow down the policies that will provide coverage to you in your state, based on your needs and location, and let you compare prices and coverage limits of these policies.
Cable installer insurance depends on the policies you need to meet your business's needs. If you opt for all three core policies — professional liability, general liability, and workers compensation, your insurance plan can cover:
The cost of business insurance varies, depending on your business and its unique needs. For the most part, you can expect your insurance premiums to be determined by:
Ready to see how much your cable installer insurance may cost? Just click here and get free quotes from top insurers in the country.
Simply Business is an online insurance brokerage that makes it easy to compare the best policies and quotes from top insurers. We're one of the fastest-growing online providers of small business insurance, with thousands of customers who trust us to protect their businesses.
Why choose us? It's simple:
We're fast and affordable. You have a lot on your plate, and you don't have time to worry about your insurance coverage. Our policies are fast, affordable, and ready whenever you are.
We're flexible. Your business changes over time, so you need an insurance policy that can keep up. We're here to help make sure you're protected no matter what your business needs.
We understand your business's unique needs. You deserve an insurance policy that gets your business from the inside out. We can help you get that coverage.
You work hard to build your cable installation business, and you should have an insurance policy that protects that hard work.
This content is intended to be used for informational purposes only. It is not intended to provide legal, tax, accounting, investment, or any other form of professional advice.
*Harborway Insurance policies are underwritten by Spinnaker Insurance Company and reinsured by Munich Re, an A+ (Superior) rated insurance carrier by AM Best. Harborway Insurance is a brand name of Harborway Insurance Agency, LLC, a licensed insurance producer in all 50 states and the District of Columbia. California license #6004217.